Auto insurance coverage prices that fell sharply following deregulation in Massachusetts are climbing once again.
The Boston Globe reports that 5 years following Massachusetts began to let insurers to set their own rates, the average premium was about the identical as it was ahead of the alter.
According to figures from the state Division of Insurance, premiums dropped about 12 % among 2007 and 2009 to a statewide average of $ 861, saving the average motorist about $ 122 per year.
By 2012, the average premium was back up to $ 974, only $ 9 much less than what it was just before deregulation. 2012 was the most recent year that statistics had been offered.
State officials say deregulation has helped consumers by supplying far more selection. The quantity of businesses offering auto insurance coverage in Massachusetts has practically doubled.
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Mass. Auto Insurance Prices Climb Back Up In spite of Deregulation
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